Asian Markets Mixed After Wall Street Gains and Oil Price Drop

Asian markets showed mixed results on Tuesday, following gains on Wall Street. Japan’s Nikkei 225 surged 1.1% to 70,683.98, marking its first return above 70,000 since early July. In contrast, South Korea’s Kospi dropped 0.9% to 6,941.39, with technology-related stocks seeing volatility. Japanese chip testing equipment maker Advantest rose 3.9%, while SoftBank Group fell 3.1% after its CEO warned about risks tied to technology. Samsung Electronics and SK Hynix also declined in South Korea.

Hong Kong’s Hang Seng climbed 0.8% to 24,234.19, while Australia’s S&P/ASX 200 gained 0.6% to 8,735.70. Taiwan’s Taiex edged up 0.2%, and India’s Sensex added 0.6%. Mainland China markets were closed for a holiday.

Wall Street had a strong performance on Monday, with the S&P 500 rising 0.7% near its record high. The Dow Jones Industrial Average climbed 0.2%, and the Nasdaq composite gained 1.1% to an all-time closing high. Technology giants like Nvidia and Broadcom led the gains, each advancing 2.1%.

Oil prices fell early Tuesday, with Brent crude down 0.8% to $99.48 per barrel, and U.S. crude losing 1.1% to $88.46 per barrel. Analysts noted that while oil flows from the Persian Gulf are recovering, tensions between the U.S. and Iran keep markets nervous. U.S. Treasury yields remained near multi-decade highs, with the 10-year yield around 5.30%. The U.S. dollar rose to 158.15 Japanese yen, while the euro traded at $1.1209.